With sizeable franchises in Italy, Germany, Austria, several East European countries, as well as Russia and Turkey, Unicredit can rightly claim to be a true pan-European bank, rather than just an Italian bank with some foreign operations.

Over the past decade, Unicredit has suffered from bad asset quality, low profitability and difficulties integrating acquired banks.

The extensive ‘Transform 2019’ restructuring programme has started to produce results. Indeed, Unicredit is well ahead of the business plan in many aspects, especially in terms of non-performing loan and cost reduction. The capital increase in 2017 and the completion of the second phase of Unicredit’s FINO project in January 2018 led to significant improvements in asset quality and profitability.

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